Bill. Posted September 11, 2014 Share Posted September 11, 2014 RBS employs 12,000 staff north of the border and is still headquartered in Gogarburn, to the west of Scottish capital Edinburgh, but this main base would be moved south. Lloyds Banking Group, which includes Halifax and Bank of Scotland and has 16,000 staff in Scotland, yesterday announced it would move its headquarters to London, in what has been called Alex Salmond's 'Black Wednesday'. Scotland's third bank, Clydesdale, was also reported to be preparing to leave and Edinburgh-based Standard Life said it would partially move to England, putting up to 5,000 finance jobs at risk. And Edinburgh-based Standard Life unveiled drastic plans to partially move to England, putting up to 5,000 finance jobs at risk. John Lewis, Waitrose and Asda caused further damage to the Yes campaign today after it said shoppers in Scotland are likely to face higher prices if the country votes in favour of independence, days after B&Q gave the same warning. And yesterday BP and Shell also came out against independence and Alex Salmond was accused of lying about oil reserves on what was being dubbed the First Minister's Black Wednesday. You are all going to be very upset next Friday folks, nice try though. Read more: http://www.dailymail.co.uk/news/article-2751287/Now-Union-strikes-Poll-puts-No-campaign-lead-Scottish-separatists-suffer-series-hammer-blows-Salmond-s-Black-Wednesday.html#ixzz3D2eNIE00Follow us: @MailOnline on Twitter | DailyMail on Facebook Link to comment Share on other sites More sharing options...
Bill. Posted September 11, 2014 Author Share Posted September 11, 2014 Some banks would do well in Scotland after a Yes vote however, Food Banks. Link to comment Share on other sites More sharing options...
thankuplz Posted September 11, 2014 Share Posted September 11, 2014 I'm sure if you read what the banks actually said, jobs aren't really at risk, it's more of a legal thing, moving addresses rather than people. Link to comment Share on other sites More sharing options...
Paris Hilltoon Posted September 11, 2014 Share Posted September 11, 2014 Does it take 12,000 employees to move a brass plate? I'm not sure I get this joke? Link to comment Share on other sites More sharing options...
DAFC Posted September 11, 2014 Share Posted September 11, 2014 Link to comment Share on other sites More sharing options...
overthetop Posted September 11, 2014 Share Posted September 11, 2014 RBS employs 12,000 staff north of the border and is still headquartered in Gogarburn, to the west of Scottish capital Edinburgh, but this main base would be moved south. Lloyds Banking Group, which includes Halifax and Bank of Scotland and has 16,000 staff in Scotland, yesterday announced it would move its headquarters to London, in what has been called Alex Salmond's 'Black Wednesday'. Scotland's third bank, Clydesdale, was also reported to be preparing to leave and Edinburgh-based Standard Life said it would partially move to England, putting up to 5,000 finance jobs at risk. And Edinburgh-based Standard Life unveiled drastic plans to partially move to England, putting up to 5,000 finance jobs at risk. John Lewis, Waitrose and Asda caused further damage to the Yes campaign today after it said shoppers in Scotland are likely to face higher prices if the country votes in favour of independence, days after B&Q gave the same warning. And yesterday BP and Shell also came out against independence and Alex Salmond was accused of lying about oil reserves on what was being dubbed the First Minister's Black Wednesday. You are all going to be very upset next Friday folks, nice try though. Read more: http://www.dailymail.co.uk/news/article-2751287/Now-Union-strikes-Poll-puts-No-campaign-lead-Scottish-separatists-suffer-series-hammer-blows-Salmond-s-Black-Wednesday.html#ixzz3D2eNIE00 Follow us: @MailOnline on Twitter | DailyMail on Facebook Quoting the daily mail doesn't help any argument wouldn't no a fact if it fell over one! Link to comment Share on other sites More sharing options...
Casual Bystander Posted September 11, 2014 Share Posted September 11, 2014 Posts Daily Mail link then goes "look, look, I told you it's bad!" I believe if he hadn't before then "Bill" has just jumped the shark. Link to comment Share on other sites More sharing options...
Bill. Posted September 11, 2014 Author Share Posted September 11, 2014 It isn't fair. The big bullies are going behind Alex's back to tell the public the truth. It's a plot by the Westminster elite, etc etc. Link to comment Share on other sites More sharing options...
Musketeer Gripweed Posted September 11, 2014 Share Posted September 11, 2014 Feel free to correct me, I might be wrong. If these businesses do move their registered offices south, would there not be a huge consequence on the loss of Corporation Tax that would automatically default to London instead of Edinburgh? Link to comment Share on other sites More sharing options...
1320Lichtie Posted September 11, 2014 Share Posted September 11, 2014 Dear colleagues We have today made a statement to the market (see below), providing information on our contingency planning in the event of a Yes vote in next week's referendum on Scottish independence. As you will have seen over the last twenty four hours, other Scottish headquartered financial institutions have made public statements about their intentions. This served to fuel media speculation about our own plans, and in those circumstances, it became necessary for us to update the market on aspects of our contingency planning. It is my view as Chief Executive that any decision to move our registered headquarters should have no impact on everyday banking services used by our customers in Scotland and the rest of the British Isles. This is a technical procedure regarding the location of our registered head office. It is not an intention to move operations or jobs. Our current business in Scotland, including the personal and business bank, IT and operations, human resources and many other functions, are here because of the skills and knowledge of our people, and the sound business environment. So far, I see no reason why this would change should we implement our contingency plans. It is always my aim to ensure we inform our staff about such issues at the earliest opportunity. I know many of you will have already heard about this first in the media. My apologies for that, on this occasion this was unavoidable. Over the next week, and beyond, we will continue to update you whenever appropriate. Ross McEwan Chief Executive Link to comment Share on other sites More sharing options...
1320Lichtie Posted September 11, 2014 Share Posted September 11, 2014 Ps back in yer cage. Link to comment Share on other sites More sharing options...
1320Lichtie Posted September 11, 2014 Share Posted September 11, 2014 Musketeer Gripweed for you my friend. Link to comment Share on other sites More sharing options...
Antiochas III Posted September 11, 2014 Share Posted September 11, 2014 Feel free to correct me, I might be wrong. If these businesses do move their registered offices south, would there not be a huge consequence on the loss of Corporation Tax that would automatically default to London instead of Edinburgh? No mate Link to comment Share on other sites More sharing options...
Casual Bystander Posted September 11, 2014 Share Posted September 11, 2014 Feel free to correct me, I might be wrong. If these businesses do move their registered offices south, would there not be a huge consequence on the loss of Corporation Tax that would automatically default to London instead of Edinburgh? Corporation tax is paid in the place that it's generated. So moving the registered office has little effect on that. In a simple analogy if you buy sweeties in a shop in Edinburgh you pay the shopkeeper in Edinburgh, even if the shop's head office is in London. Link to comment Share on other sites More sharing options...
Casual Bystander Posted September 11, 2014 Share Posted September 11, 2014 What is interesting is how all the nodrones were jumping on the bandwagon to claim that Scotland wouldn't have survived the banking crash, yet they conveniently forgot to mention that the bailout needed to be paid where the debt was generated (ie: Where RBS ran into trouble in the US, it was the US government that paid to cover it not the UK one). However now the banks are moving their registered offices to London because the majority of business they do is outside of Scotland (over 90% of RBS business is conducted outside the country), and if they do move of course, that suddenly Scotland loses out again. It just seems that the Bitters want it both ways. Link to comment Share on other sites More sharing options...
Musketeer Gripweed Posted September 11, 2014 Share Posted September 11, 2014 So if I pay American Airlines in Glasgow, the money stays here as well. Cool. I hate America. Link to comment Share on other sites More sharing options...
Casual Bystander Posted September 11, 2014 Share Posted September 11, 2014 So if I pay American Airlines in Glasgow, the money stays here as well. Cool. I hate America. The corporation tax that American Airlines generate in Scotland would need to be paid to Scotland, even though American Airlines (one would presume) has a registered office in America. Link to comment Share on other sites More sharing options...
Todders Posted September 11, 2014 Share Posted September 11, 2014 Feel free to correct me, I might be wrong. If these businesses do move their registered offices south, would there not be a huge consequence on the loss of Corporation Tax that would automatically default to London instead of Edinburgh? No. Corporation tax is levied where the economic activity takes place, not wherever the registered office happens to be. This s just another load of nonsense designed to frighten people with limited knowledge of these things. Link to comment Share on other sites More sharing options...
Musketeer Gripweed Posted September 11, 2014 Share Posted September 11, 2014 That's me erring on the side of yes now then. If only they didn't come across as bullies I would be right behind them. Link to comment Share on other sites More sharing options...
LongTimeLurker Posted September 11, 2014 Share Posted September 11, 2014 If they move their HQs south it also kind of torpedoes any fears over future bank bailouts. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.